You will be allowed 10 years to pay a loan back. what is the simple interest on the loan if you borrowed 3,600 at 8%?

varice2r

varice2r

Answered question

2022-09-02

You will be allowed 10 years to pay a loan back. what is the simple interest on the loan if you borrowed 3,600 at 8%?

Answer & Explanation

Baluttor7

Baluttor7

Beginner2022-09-03Added 17 answers

Given:- P=3600 , R=8% , T=10 years
Solution:- Use formula
Interest = P T R 100 = 3600 × 8 × 10 100 = 36 × 80 = 2880
Hence, the simple interest is 2880. Answer

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